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Sinopharm Targets $1.12 Billion In IPO

By

Amy Or

Updated Sept. 7, 2009 5:25 a.m. ET

HONG KONG -- China National Pharmaceutical Group Corp., China's largest pharmaceutical products distributor by sales, is seeking to raise up to $1.12 billion from an initial public offering in Hong Kong, people familiar with the situation said Friday.

The company, known as Sinopharm, plans to sell 545.7 million shares, or 25% of its enlarged share capital, in an indicative range of HK$12.25-HK$16.00 each, they said.